USDA Rural Housing Loan

Guaranteed by the U.S. Department of Agriculture, this loan is available to those buying or refinancing a property in an eligible rural area (as determined by USDA). No down payment is required and this loan features flexible income and credit qualifications. The loan also requires a borrowers’ household income to be below certain income thresholds as determined by USDA.

Features of This Loan

No down payment required

Down payment and closing and prepaid costs may be paid funded by a gift from a relative, friend or a qualified non-profit grant

Lower annual fee as compared to private mortgage insurance (PMI)

May qualify for a streamlined refinance with no appraisal required and a lower guarantee fee